The dollar has broken above its 200-day moving average for the first time since March, supported by FOMC minutes showing many officials expect to keep rates unchanged through 2025. Hopes for a December Fed rate cut weakened further after the BLS cancelled the October jobs report, leaving markets with less evidence to justify easing.
Markets are also reacting to fading optimism over Japan’s new PM Takahichi amid concerns about a roughly 135 billion dollar stimulus package. BOJ rate hike hints and government warnings about FX volatility have had little impact.
In Australia, the RBA signalled that an overly tight labour market is hindering progress toward its inflation target.
US equities are upbeat following the strong Nvidia results.
Today’s key data includes the September NFP report, with expectations around 51,000, along with the Philly Fed survey and existing home sales. A full slate of Fed and BOE speakers is also on deck.
LMAX Group bozor strategisti Joel Krugerning eksklyuziv FX tadqiqoti
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